smart spending

Fame & Fortune: Kevin Nealon

Bankrate: In the book, you talk about being a late bloomer in life. Does that apply to the financial planning side of your life as well?

Kevin Nealon: Oh yeah. I never really was that interested or involved in financial planning, and then when we were going through the pregnancy, we met with some financial planners about trust funds.

The interesting thing about sitting down and working with that person is that they pretty much tell you that you have to consider that your baby is going to be an absolute loser -- an imbecile with money. So you have to write everything out: how any money is going to be given to him if you should die; at what age; what he can spend it on. So when your baby is born, you're looking at it like it's a complete loser. Already the kid has to go to therapy to get over that.

Bankrate: So now that you've done this, if you have another child, is this all out of the way and simple now, or do you have to do the whole thing all over again?

Kevin Nealon: I think this is one of those things that's never done. You have to revisit it every year. I'm already having second thoughts about some of the requirements in my son's trust fund: things like, he can buy a car that has the value of the best Acura; or, he can't get any money if he rides a motorcycle. I'm thinking maybe we're being too hard on him. He doesn't have to learn how to juggle before he gets any money. If we had another one, I'd probably make things a lot easier.

Bankrate: Have you given any thought to how you'll prepare Gable for the financial side of life?

Kevin Nealon: Yeah. I think I'll talk about it more with him -- show him how to balance a checkbook, and talk to him more about financial planning and stocks and things like that. But it's kind of like learning a new language. You gotta do it when you're ready.

Bankrate: While you were at "SNL," were you already investing and saving wisely?

Kevin Nealon: I was definitely investing and saving. I bought some homes, I invested in stocks, and basically I think I did a good job. Not that we made a lot of money on that show. When you do a late night show like that, it's probably the worst paying job in television.

Bankrate: Even nine years on?

Kevin Nealon: Well, after a couple of years you start to get bumps in your paycheck, but the first couple of years it's pretty bleak.

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